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Bullboard - Stock Discussion Forum Canopy Growth Corp T.WEED

Alternate Symbol(s):  T.WEED.DB | CGC

Canopy Growth Corporation is a cannabis company. It delivers innovative products with a focus on premium and mainstream cannabis brands, including Doja, 7ACRES, Tweed, and Deep Space, in addition to category-defining vaporizer technology made in Germany by Storz & Bickel. The principal activities of the Company are the production, distribution and sale of a diverse range of cannabis and... see more

TSX:WEED - Post Discussion

Canopy Growth Corp > Piper Sandler Keeps Underweight Rating on Canopy Growth
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Post by davgro on Nov 09, 2022 6:10pm

Piper Sandler Keeps Underweight Rating on Canopy Growth

2022-11-09 02:45:37 PM ET (MT Newswires) 

02:45 PM EST, 11/09/2022 (MT Newswires) -- Piper Sandler on Wednesday noted Canopy Growth Corporation (TSX: WEED and NASDAQ: CGC) sales trends remain under pressure across key parts of its business; that the company continues to prioritize improving margins in Canada, through mix (growth in premium flower) and other potential cost-cutting or restructuring actions; and that it also is focused on its US THC strategy, even if consolidating 'plant touching' US earnings may come at the cost of losing its NASDAQ listing.

According to Piper Sandler, near-term growth will likely be driven by BioSteel, lifted by recent Walmart distribution gains. It noted BioSteel revenues rose near C$22 million while sales for the rest of the portfolio fell near C$36M. BioSteel contributed 65% of total company adjusted gross profit.

Piper Sandler largely maintains its full year 2023 estimate of near C$460M, but lowers its full year 2024 sales estimate from near C$575M to near C$560M. It maintains its US$2.50 price target. And without visibility on its ability to remain NASDAQ listed, PS maintains its Underweight rating.
Comment by caretired1 on Nov 09, 2022 7:18pm
This is too narrow minded. klein wants the purchases closed so he can influence how those businesses are run and how they can integrate and achieve some cost synergies. He gets that by being one of 4 people on USA's mgmt board after closing the deal/ nasdaq doesn't want them to consolidate this subsidiary for acctg reporting. Klein and his cfo as much as said they could probably deal with ...more  
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